Fiscal responsibility is more than a good idea. It is a necessity for the future. The only difference between poor individual finances and poor government finances is the time it takes for the adverse effects of poor management to hit home. The effects are doing more than just mortgaging future generations' prosperity. Printing the money to cover budget deficits robs from anyone with any type of asset. Pension funds, social Security, bank accounts, life insurance policy's all lose great value because of the inflation caused by poor fiscal responsibility.
So it is not only future generations which will pay for our sins. We are also being affected today. Beyond the decrease in our assets which we need for sustaining our standard of living as we grow old, we are being deprived of useful government projects which should be undertaken with surpluses in the budget, but all we have are deficits.
"If ever the people awake to an issue, the politicians will follow."
Sometimes drastic times need drastic solutions. In such cases it is useful to put a time limit on a possible drastic solution. We should give the president the power of a line item veto until the budget is balanced. This is a real solution to a real problem which is going to come home to roost in the form of a government which cannot purchase necessities, let alone luxuries that make life better for all.
What can the individual do for his or her government on this issue of fiscal responsibility? Plenty! You need to be an army of one first and not worry about having a battalion behind you. Use common sense and reason to seek out what makes sense and what is nonsense. Then upon your individual knowledge, reject those who are preaching nonsense or acting as Santa Claus with no consideration of how the gift is being paid for.
When people act using common sense as an individual they will find that sooner or later they will link up with a battalion of like-minded people. It is only when people feel helpless and have abandoned common sense that we end up in a situation of out-of-control spending like we have today.Back Next Issue